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Franklin Street has arranged the sale of Laurana Apartments, a 10-unit boutique multifamily community located at 101 NW 7th Avenue in Pompano Beach, Fla. Laurana Apartments sold for $800,000 or $80,000 per unit, which represented 98 percent of the list price.
of Franklin Street’s South Florida multifamily investment sales team represented the buyer and seller, both local private investors. Franklin Street’s and will insure the asset for the new owner.
“Within the first two weeks of marketing we had several tours and multiple written offers,” said Dratch, senior associate at Franklin Street. “Our team worked with the buyer to have a compressed inspection timeline and close the building in less than 60 days at 98 percent of list price.”
Laurana Apartments is located in the heart of Pompano Beach’s innovation district. The city has identified this area to undergo significant redevelopment through public/private partnerships and incentive programs they will offer to owners and developers. Investors were attracted to this multifamily asset because of the strong in-place cash flow from day one, along with the long-term value growth of the future surrounding development.
“There is no shortage of capital being put to work in these areas that will benefit from long-term redevelopment,” said Matus, senior vice president with Franklin Street. “Ultimately, that will always help us navigate these sales so quickly and effectively for both parties.”
BARTOW, Fla., May 17, 2018 – Franklin Street has arranged a $13.875 million Fannie Mae loan for the acquisition financing of Villages at Laurel Meadows, a 156-unit multifamily apartment property located midway between Tampa and Orlando in Bartow, Florida. Casey Siggins and Ben Miller of Franklin Street’s Capital Advisors division secured the loan on behalf of the buyer, VLM Investors, LLC. The 10-year loan has a fixed rate of sub-4.75 percent and features a 30-year amortization schedule following a significant interest-only period. Franklin Street’s Lonnie Kitchen provided insurance services and the buyer selected Franklin Street Management Services to manage the asset.
“This long-term, fixed-rate loan will allow the borrowers the ability to maximize cash-flows and the value of the property,” said Siggins, director of loan origination for Franklin Street’s Tampa office. “It was an extremely competitive bidding process, and at the end of the day, I believe we found the right loan structure to fit the borrower’s strategy for this asset.”
Built in 2008, Villages at Laurel Meadows is centrally located at 100 Laurel Meadows Drive on the corner of CR 555 and W. Clower Street in Bartow. All the units are two-bedroom townhome-style apartments.